How a Founding Partner Passes the Baton to a New Managing Partner
With 16 questions and 10 steps.
by August J. Aquila
One of the most difficult events that a firm faces is the transition of power from one managing partner to another, especially when it’s the first time. Knowing when to pass the baton and how to pass it are critical decisions every firm will have to make.
More August Aquila on CPA Trendlines: Six Reasons NOT to Plan for Succession | How to Apply Sam Walton’s 10 Rules for Success at Your Firm | Nine Steps to Effective Succession Planning for the Small Firm | Thinking Merger? Look Before You Leap | Four New Checklists for Succession Planning | Partner Accountability: Seven Signs Your Firm May Be in Trouble | 25 Ways to Grow Your Practice | Herding Cats: Change Management for CPA Firms | Engaging Partners in the Firm’s Future | What It Means To Be a Partner | Leadership at It’s Strongest: What Successful Managing Partners Do | No Alignment? No Execution. | 12 Steps to a Foolproof Merger | Seven Steps to Building a Great Partnership | 5 Success Tips for Tax Season | Managing Partner Job #1: How to Get Buy-In | The 10 Basic Ways to Boost Profits at an Accounting Firm | Can You Really Change a Partner? | 11 Weekly Self-Assessment Questions for Professionals | Seven Keys to a Successful Merger |
For the managing partner who is thinking about succession, there are four primary goals that he or she should be working on during the next few years. Each of these issues needs to be discussed with your founding partner: READ MORE →